Florida voters approve major property tax cut; Amendment 3 passes with 62%

Florida residents voted Tuesday to approve Amendment 3, a significant property tax reduction that will nearly quintuple the homestead exemption over the next two years. The measure passed with 62% support, exceeding the 60% threshold required for constitutional amendments.

Under the new law, the homestead property tax exemption will jump from the current $50,000 to $150,000 beginning in 2027, then climb again to $250,000 in 2028. The exemption shields a portion of a home's assessed value from property taxation, effectively lowering tax bills for homeowners who qualify.

Amendment 3 was one of several measures on Tuesday's ballot. While voters embraced the tax cut, they rejected two other proposed amendments, according to reporting on the election results.

The property tax exemption increase is expected to have broad impact across Florida, including in Escambia County and the surrounding region, where homeowners will see relief on their annual property tax obligations once the changes take effect next year.